Delivering Sustainable Outperformance in Today’s Markets: Simple, but Not Easy

11/19/15 6:30-8:30 pm

As a young PhD student at the University of Chicago, Dr. Wes Gray was warned that markets were always efficient. Dr. Eugene Fama, the father of the efficient market hypothesis, was his PhD Advisor. As the story goes, nobody can sustainably outperform the market because market prices instantly react to fundamentals. Buy and hold everything in the market and throw away the key.

But what explains the success of investors like Warren Buffett? How has Buffett successfully, and sustainably, crushed the market over many years?

To address anomalies like Warren Buffett, Dr. Gray walks us through the sustainable active investing framework, which is a more nuanced take on the efficient markets framework. Sustainable active investing leverages knowledge of psychology and market incentives to identify systematic--and sustainable--mispricing in a highly competitive marketplace.

Dr. Gray shares how his academic, professional, and combat military experience all contributed to the sustainable active investment framework and he will share his views on how markets behave the way they do and what it takes to be a successful active investor.

Speaker Bio:Dr. Wes Gray is CEO and CIO of Alpha Architect, an asset management firm located in Broomall, Pennsylvania. Dr. Gray is the author of several books and research publications, to include QUANTITATIVE VALUE: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors, and DIY FINANCIAL ADVISOR: A Simple Solution to Build and Protect Your Wealth. His numerous published works have been highlighted on CNBC, CNN, NPR, Motley Fool, WSJ Market Watch, CFA Institute, Institutional Investor, and CBS News. Dr. Gray also served as a Marine officer and was deployed to the front lines in Iraq as an embedded military advisor with the Iraqi military. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.

Where: 333 Belrose Bar & Grill 333 Belrose Lane Wayne, PA 19087

Cost: $25 for Wharton Club Members $35 for Guests Fees includes hors d'oeuvres and cocktails